Anonymous
I’ve been doing some research on brokers for overseas (non-sg) markets. Could anyone give me some advice on the queries below?
1) which brokerage is recommended for best fx rate conversion - saxo, td or ib?
2) possible to transfer sg to td account first then convert to usd? understand this is possible for saxo and ib
2) some users have suggested td first then switching to ib once portfolio hits usd100k - does this mean that stocks held in td can be transferred over to ib? i thought that stocks in custodian accounts can’t be transferred?
thanks!
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Lim Boon Tat
05 May 2020
Mathematics at Cambridge University
(1) I think the rates are all around the same, unless you're transferring huge sums (half a million), in which case you should get on a call with a rep and book a preferential fx rate.
(2) For TD, it's not possible. For Saxo, you have to have a minimum of 50k SGD in the account, before they allow you to open a USD sub-account
(3) transferring of stocks from one platform to another typically incurs fees. Any particular reason why you would switch?
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For any currency conversion TransferWise can be recommended as possibly also CurrencyFair